Entries Tagged 'Auto Loans' ↓
September 10th, 2009 — Auto Loans, Automobile Industry, Automobiles, Automotive, Bailout, Chrysler, GM, General Motors, Lee Iacocca, Whitacre
It looks like General Motors is taking a page from Chrysler’s 1980s playbook as it will soon be running ads featuring Chairman Ed Whitacre. This is not an original idea, however, but a copy of something Chrysler’s then chair Lee Iacocca did in 1982 and 1984 (see below for videos), when that company had accepted federal loan guarantees to keep them out of bankruptcy. “If you can find a better car, buy it,” Iacocca said as Chrysler’s pitchman.
The specifics of GMs new ad campaign will be announced today or tomorrow, said a spokesperson at GM. Whitacre, a former AT&T CEO, joined GM’s board after Detroit-based GM’s July 10 exit from a U.S.-backed bankruptcy.
GM is not the only car company to copy Chrysler’s tactic - Ford had Bill Ford appear on TV in 2002, when the company’s shares plummeted over 40% after claims related to fatal rollover accidents of Explorer SUV’s.
Watch the Chrysler Videos from 1982 and 1984:
January 5th, 2009 — Auto, Auto Loans, Automobile, Automobile Industry, Automotive, Car Loans, Economy, Hyundai, Layoffs
Hyundai Motors today announced a new program that it hopes will stimulate sales in the U.S. — If you buy a new Hyundai and you lose your job within one year of the purchase, you can give the car back to Hyundai.
Hyundai’s Web site offers these details: “If you find that you cannot make your payment because of a covered life changing event, we’ll allow you to return your vehicle and walk away from your loan obligation - and in most cases we will cover most, if not all of the difference.”
The new program, called Hyundai Assurance, adds no charge to the price of a Hyundai, and the program will pay the difference between the car’s trade-in value at the time a claim is filed and any remaining balance on the loan - up to a maximum of $7,500.
To be eligible for this program, the buyer must have made two regular payments before filing for the benefit.
Hyundai is currently the only automaker offering this kind of incentive in North America.
October 11th, 2008 — Auto, Auto Loans, Automobile Industry, Bankruptcy, Credit Crisis, Credit Crunch, Economy, Financing, GMAC, Gas, Loans, Mergers, Mortgage Meltdown, Subprime Crisis, oil
General Motors and Chrysler are holding preliminary talks about a possible merger or acquisition of Chrysler by GM.
Chrysler already works on a joint project with GM making hybrid gas-electric components, and has approached GM about some type of merger or acquisition.
The Wall Street Journal, has said that Cerberus, a private equity firm that owns a large stake of Chrysler as well as about half of GM’s financing arm, GMAC Financial Services, floated the idea of trading Chrysler’s automobile operations to GM in exchange for GM’s remaining portion of GMAC. GMAC, while primarily an auto lender, also has a significant mortgage portfolio and lending operations that have been damaged by the subprime crisis.